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Fortive

FTV NYSE Industrial Machinery & Supplies & Components Financials FY2016–FY2025

Fortive's revenue rose 1.9% to $4.2 billion in fiscal 2025. Its operating margin was 17.3%, down from 17.6% a year earlier. Free cash flow was $978 million, down 32.1%. It paid out $1.7 billion in dividends and buybacks, 174% of free cash flow. The diluted share count fell 5.2%.

Last close · Oct 23, 2026

$60.25

0.3%
Value it Compare
Revenue Total sales reported in the income statement.
$4.2B
1.9% vs prior year
Operating margin Operating income as a share of revenue.
17.3%
0.2 pts
Net income Profit after all expenses, interest and tax.
$579M
30.5%
Free cash flow Cash from operations minus capital spending.
$978M
32.1%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
5.7%
0.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$18.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
36.1x
On $1.67 EPS (TTM)

What Fortive does

No business description yet.

Legal name
Fortive Corporation
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001659166-26-000007
0001659166

Revenue and margins

Fortive had $4.2B of revenue in fiscal 2025, up 1.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −4.1% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $978M in fiscal 2025, 23.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Fortive returned $1.7B to shareholders in fiscal 2025, 174% of free cash flow. The diluted share count fell 5.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Fortive yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$2.8B and divides by 334.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 36.1x · peers 16.4x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Fortive can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $819M$709M$1.9B$813M$376M
Debt incl. finance leases $4.0B$3.3B$3.6B$3.7B$3.2B
Net debt / EBITDA 2.6x1.8x1.8x2.5x2.4x
Debt / equity 0.4x0.3x0.4x0.4x0.5x
Interest coverage 7.9x10.0x4.7x4.7x6.0x
Current ratio 0.7x0.9x2.1x1.2x0.7x
Quick ratio 0.5x0.7x1.8x1.0x0.6x
Total assets $16.5B$15.9B$16.9B$17.0B$11.7B
Total liabilities $6.9B$6.2B$6.6B$6.8B$5.3B
Shareholders' equity $9.5B$9.7B$10.3B$10.2B$6.5B
Net debt (− = net cash) $3.1B$2.5B$1.8B$2.9B$2.8B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$6.9M

3 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 10, 2026 Peter C UnderwoodSVP - Chief Legal Officer Sold 8,662 $61.59 $0.5M Form 4
May 4, 2026 Peter C UnderwoodSVP - Chief Legal Officer Sold 47,557 $60.81 $2.9M Form 4
Feb 18, 2026 Kate MitchellDirector Sold 7,131 $58.34 $0.4M Form 4
Nov 10, 2025 Peter C UnderwoodSVP - Chief Legal Officer Sold 58,133 $51.28 $3.0M Form 4
Oct 31, 2025 Stacey A. WalkerSVP - Chief People Officer Sold 2,192 $50.35 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✕
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✕ ✕ ✓
F-score 7 / 96 / 95 / 9
Accruals ratio −3.0%−4.1%−3.5%
Altman Z'' 4.053.572.85

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Fortive FTV $18.8B 1.9% 17.3% 23.5% 5.7% 36.1x 5
Pentair PNR $9.1B 2.3% 20.5% 17.9% 14.0% 13.5x 9 Compare →
Mueller Industries MLI $11.9B 10.9% 22.9% 16.4% 40.3% 15.8x 6 Compare →
Valmont Industries VMI $8.5B 0.7% 10.1% 7.6% 17.9% 17.0x 7 Compare →
Lincoln Electric LECO $14.1B 5.6% 17.0% 12.6% 24.5% 25.5x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $5.4B $5.8B $6.5B $4.6B $4.6B $5.3B $5.8B $3.9B $4.1B $4.2B
Gross profit $2.7B $2.9B $2.2B $2.5B $2.6B $3.0B $3.4B $2.5B $2.6B $2.6B
Research and development $351M $369M $278M $320M $321M $355M $402M $237M $251M $259M
Operating income $1.1B $1.1B $645M $444M $539M $813M $987M $574M $716M $720M
Interest expense $46.4M $88.7M $77.2M $143M $149M $103M −$98.3M −$124M −$153M −$121M
Pretax income $1.0B $1.1B $566M $337M $1.5B $678M $874M $433M $506M $602M
Income tax $270M $189M $75.6M $68.6M $55.5M $63.3M $118M $24.7M $23.8M $69.5M
Net income $872M $1.0B $2.9B $739M $1.6B $608M $755M $866M $833M $579M
Diluted EPS $2.51 $2.96 $8.21 $1.97 $4.49 $1.63 $2.10 $2.43 $2.36 $1.73
Diluted shares 0.35B 0.35B 0.35B 0.34B 0.36B 0.35B 0.36B 0.36B 0.35B 0.33B
Cash flow
Cash from operations $1.1B $1.2B $1.3B $1.3B $1.4B $961M $1.3B $1.4B $1.5B $1.1B
Capital expenditure $110M $111M $69.9M $74.5M $75.7M $50.0M $95.8M $78.6M $86.1M $105M
Free cash flow $1.0B $1.1B $1.3B $1.2B $1.4B $911M $1.2B $1.3B $1.4B $978M
Depreciation and amortization $161M $158M $174M $342M $384M $396M $466M $426M $431M $438M
Stock-based compensation $40.7M $44.2M $40.6M $52.5M $62.6M $77.4M $93.8M $94.5M $90.1M $117M
Acquisitions $190M $1.6B $2.8B $3.9B $40.4M $2.6B $12.8M $95.8M $3.6M $25.7M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $443M $273M $890M $1.6B
Dividends paid $48.4M $97.2M $96.6M $93.8M $94.4M $97.7M $99.5M $102M $111M $92.2M
Dividends and buybacks $48.4M $97.2M $96.6M $93.8M $94.4M $97.7M $542M $375M $1.0B $1.7B
Balance sheet
Cash and short-term investments $803M $962M $1.2B $1.2B $1.8B $819M $709M $1.9B $813M $376M
Total debt $3.4B $4.1B $3.4B $6.3B $4.2B $4.0B $3.3B $3.6B $3.7B $3.2B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $2.5B $2.9B $3.2B $3.7B $4.4B $2.5B $2.5B $3.7B $2.6B $1.6B
Current liabilities $1.5B $1.6B $2.2B $3.5B $2.9B $3.7B $2.7B $1.8B $2.2B $2.2B
Inventory $545M $507M $575M $416M $456M $513M $537M $537M $270M $292M
Property and equipment, net $548M $610M $396M $416M $422M $396M $422M $440M $233M $270M
Total assets $8.2B $10.5B $12.9B $17.4B $16.1B $16.5B $15.9B $16.9B $17.0B $11.7B
Total liabilities $5.5B $6.7B $6.3B $10.0B $7.1B $6.9B $6.2B $6.6B $6.8B $5.3B
Shareholders' equity $2.7B $3.8B $6.6B $7.4B $9.0B $9.5B $9.7B $10.3B $10.2B $6.5B
Margins
Gross margin 49.9% 50.8% 33.9% 54.4% 56.3% 57.2% 57.7% 63.3% 64.2% 63.5%
Operating margin 19.7% 19.9% 10.0% 9.7% 11.6% 15.5% 17.0% 14.7% 17.6% 17.3%
EBITDA margin 22.7% 22.6% 12.7% 17.2% 19.9% 23.0% 24.9% 25.6% 28.1% 27.8%
Net margin 16.2% 18.2% 45.2% 16.2% 34.8% 11.6% 13.0% 22.1% 20.4% 13.9%
FCF margin 19.1% 18.5% 19.8% 26.2% 29.4% 17.3% 20.7% 32.6% 35.3% 23.5%
Returns
Return on capital 14.9% 15.5% 7.1% 3.3% 4.4% 6.1% 6.9% 4.5% 5.4% 5.7%
Return on capital employed 16.8% 14.6% 6.6% 3.6% 4.0% 6.3% 7.6% 4.1% 4.8% 5.9%
Return on equity 22.2% 32.3% 56.1% 10.6% 19.7% 6.6% 7.9% 8.7% 8.1% 7.0%
Return on assets 11.3% 11.2% 24.9% 4.9% 9.6% 3.7% 4.7% 5.3% 4.9% 4.0%
Growth
Revenue growth −13.0% 7.0% 12.1% −29.3% 1.5% 13.4% 10.9% −32.8% 4.3% 1.9%
Net income growth 1.0% 19.7% 179.0% −74.6% 118.3% −62.3% 24.1% 14.7% −3.8% −30.5%
EPS growth 0.4% 17.9% 177.4% −76.0% 127.9% −63.7% 28.8% 15.7% −2.9% −26.7%
FCF growth 15.5% 3.8% 19.6% −6.1% 13.7% −33.1% 32.5% 5.6% 13.0% −32.1%
Share count change 0.6% 1.5% −0.5% −3.1% 5.6% −1.9% 2.4% −1.4% −0.8% −5.2%
Financial health
Net debt / EBITDA 2.1x 2.4x 2.8x 6.5x 2.6x 2.6x 1.8x 1.8x 2.5x 2.4x
Debt / equity 1.3x 1.1x 0.5x 0.9x 0.5x 0.4x 0.3x 0.4x 0.4x 0.5x
Interest coverage 22.9x 12.9x 8.4x 3.1x 3.6x 7.9x 10.0x 4.7x 4.7x 6.0x
Current ratio 1.7x 1.8x 1.5x 1.1x 1.6x 0.7x 0.9x 2.1x 1.2x 0.7x
Quick ratio 1.3x 1.5x 1.2x 0.9x 1.4x 0.5x 0.7x 1.8x 1.0x 0.6x
Capital allocation
Capex / revenue 2.1% 1.9% 1.1% 1.6% 1.6% 1.0% 1.6% 2.0% 2.1% 2.5%
Stock comp / revenue 0.8% 0.8% 0.6% 1.2% 1.4% 1.5% 1.6% 2.4% 2.2% 2.8%
Payouts / FCF 4.7% 9.1% 7.6% 7.8% 6.9% 10.7% 44.9% 29.4% 69.5% 174.0%
Quality scores
Piotroski F-score 6.0 7.0 5.0 5.0 6.0 7.0 8.0 7.0 6.0 5.0
Altman Z'' 2.4 2.6 2.8 1.8 3.3 2.5 3.3 4.1 3.6 2.9
Accruals ratio −3.4% −1.4% 13.4% −3.5% 1.1% −2.2% −3.4% −3.0% −4.1% −3.5%

Source: SEC EDGAR XBRL filings (CIK 0001659166). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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